Well there you go. Oil rallies and all is well in the world.
Except for rationality, that is.
The algorithms are so powerful they could almost turn around Action Alerts PLUS portfolio holding Apple (AAPL).
I remain convinced that the $50 price level will be tough to crack. But the fact that oil has reversed, and is playing its role as chief catalyst to the upside -- despite OPEC -- is pretty wondrous.
It is a reminder of what I wrote about earlier in the day: the bear market in complacency. Just when you think you should short or sell, the tide turns. And it turns for the most fatuous reason possible -- $0.75 in crude.